Prepare a caramel sauce with the sugar and water, putting both in a pot over low heat for approximately 8 Minutes or until the sugar has dissolved and a light brown caramel is obtained.
Pour the caramel into a mold (make sure the mold fits inside the pot)
In the blender, mix all the ingredients for the flan. Pour over the mold with caramel and cover with aluminum foil.
Put 1 ½ cups of water in the pot, then the rack and on top the lined mold.
Close and lock the Instant Pot® lid. Make sure the steam release handle is turned to Sealing. Press Pressure Cook, pressure level High, and set time to 30 Minutes.
When done cooking, let the steam release naturally. Once all the pressure has been released, press Cancel, open the lid and remove the mold. Wait 10 minutes and unmold.